The cost of living

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Old Jul 15th 2018, 10:12 pm
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Default The cost of living

This is an interesting item I came across this weekend. Cayman ranks as the second most expensive place (city or town, basically) in the world to live. I don't think the index is at all accurate; surely, it's hugely distorted by bar and restaurant prices, and hotel rooms. Still, it's interesting.
https://www.expatistan.com/cost-of-living/index
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Old Jul 16th 2018, 4:13 am
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Default Re: The cost of living

It is also distorted by the indirect taxation i.e. you don't pay tax on your wages so have to pay more for a beer/food/car as that's heavily taxed on importation to compensate. Still, the place is very expensive to be fair and arguably the standard of living is less as a result (depends on what you value in life I suppose). Rent is very much becoming a major factor as the rate it has increased lately is outstripping wage increases in my sector.
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Old Jul 17th 2018, 6:18 pm
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Default Re: The cost of living

Originally Posted by TandD2017
It is also distorted by the indirect taxation i.e. you don't pay tax on your wages so have to pay more for a beer/food/car as that's heavily taxed on importation to compensate. Still, the place is very expensive to be fair and arguably the standard of living is less as a result (depends on what you value in life I suppose). Rent is very much becoming a major factor as the rate it has increased lately is outstripping wage increases in my sector.
Good point. Income tax ought to be included in the cost of living, in other places. Mind you, everybody here loses 10% of their wage anyway, as a pension contribution (which Work Permit expats may or may not receive in their old age), as well as a deduction for the compulsory medical insurance. Sigh. In The Good Old Days we used to receive our paychecks with no deductions at all!
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